Bitcoin price under pressure: here are the next major support traders to watch

Bitcoin (BTC) price came under renewed selling pressure after failing to sustain its recovery above the $75,000 region. The latest drop pushed the price below a key support zone, while several indicators on the chain and market are flashing warning signs. The price is currently trading around $71,564 with a decrease of 2.73%, while the trading volume has increased by more than 145%.

As BTC nears a key support area near $69,000, traders are watching closely to see if buyers can step in before a deeper pullback unfolds.

Top Reasons Why Bitcoin’s Correction May Continue

Bitcoin slipped below a key support zone, while several on-chain and market indicators began to weaken. The latest data suggests that buying momentum is fading, raising the possibility that the ongoing correction could extend further before a meaningful recovery takes shape. The Glassnode data below highlights that the BTC price structure has broken and this is why momentum favors the downside in the short term.

Realized profit/loss ratio fell to -0.87, indicating that investors are realizing more losses than profits. This typically reflects weakening confidence and increased selling pressure during correction phases. Price momentum has fallen near the lower band, indicating that bullish strength has faded significantly. The indicator suggests that sellers currently have the upper hand in the short term. Funding rate remains positive despite the decline, showing that traders still maintain bullish positions. However, this optimism could increase liquidation risks if prices continue to move lower. Weekly ETF net flows turned negative at around -$1.27 billion, indicating weakening institutional demand. Sustained outflows may further reduce buying pressure in the market.

Collectively, these indicators paint a cautious picture for Bitcoin. Weakening momentum, negative ETF flows and rising realized losses suggest that the correction may not be over, while persistent bullish positioning in derivatives markets leaves BTC vulnerable to additional downside volatility.

Bitcoin Price Analysis: Charts Suggest More Weakness

The technical chart also supports the bearish case. Bitcoin broke below the key support zone around $73,800-$75,800, turning the region into immediate resistance. The price is now approaching the next major support near $69,000, which served as an important pivot during previous consolidations.

The RSI has fallen near the oversold region around 31, reflecting strong bearish momentum, while the CMF remains below zero, highlighting continued capital outflows from the market. While an oversold RSI can sometimes trigger short-term relief rallies, the broader structure remains weak unless BTC reclaims the lost resistance zone.

A break below $69,000 could expose Bitcoin to the high demand area around $65,000, which represents the next significant support level on the chart. To prevent an extended bearish trend, the BTC price is required to defend the local support at $70,000 and start a strong relief rally to $75,000.

Conclusion: What’s Next for Bitcoin Price?

The combination of a negative realized profit/loss ratio, weakening momentum, persistent ETF outflows and bearish technical structure suggest that Bitcoin’s correction may not be over yet. While positive funding rates indicate traders still expect a recovery, the broader data remains cautious. As long as BTC remains below the $73,800-$75,800 resistance zone, the risk of a move to $69,000 remains elevated. If that support doesn’t hold, the correction could extend to the $65,000 ask zone before a stronger recovery attempt emerges.

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